Gray Television To Acquire Quincy Media - Quick Facts

(RTTNews) - Gray Television, Inc. (GTN) has agreed to acquire Quincy Media, Inc. for $925 million. QMI is a family-owned media company headquartered in Quincy, Illinois. It owns and operates television stations and local digital platforms in 16 markets primarily in the Midwest. Gray expects that the Quincy transaction will be immediately accretive to the company's free cash flow per share.

Gray Television said Wells Fargo has provided a debt financing commitment for an incremental loan to finance up to the full purchase price of $925 million. The company anticipates that its expected strong free cash flow generation throughout 2021 should allow it to continue to deleverage its capital structure following the closing.